NZD/USD : 4 H chart – wide consolidation in daily short trend
The price is below dynamic resistances – 5 EMA , 13 EMA , 25 EMA.
Two pin bars at levels of resistance and formation “tweezers” , which increase the probability of new descending impulse.
Engulfing Pattern – engulfing bar
Fibo – correction to 38.2 % of the descending trend
Alternative scenario – If the price go above 0.6805 will destroy negative formation and will give us signal for possible
increase .
Technical indicators :
RSI above 50
5 EMA is going under 13 EMA – Moving averages set in bearish formation
Downtrend , price below resistance , price action signal
SL: 0.6805
Stefan D.Angelov- Head of Stocks Trading
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